Section 12A. Withdrawal of application admitted under section 7, 9 or 10. –

¹[12A. The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10, on an application made by the applicant with the approval of ninety per cent. voting share of the committee of creditors, in such manner as may be specified.]

CASE LAWS

1. Regulation 30A of the CIRP Regulations cannot override the provision of section 12 of the code which states that application should be made only to AA not to the resolution professional.

(Reference: NCLAT Order dated 13.11.2018 in the matter of Francis John Kattukaran Vs. The Federal bank Ltd. & Anr Company Appeal (AT) (Insolvency) No. 242 of 2018)

2. Sec 29A of the code is not applicable for the purpose of making application under sec 12A of the code.

(Reference: NCLAT Order dated 28.08.2019 in the matter of Shweta Vishwanath Shirke & Ors. Vs. The Committee of Creditors & Anr. Company Appeal (AT) (Insolvency) No. 601 of 2019 and other appeals)

3. Exit Route prescribed under sec 12-A of the code is not applicable to resolution applicant.

(Reference: SC Order dated 22.01.2020 in the matter of Maharashtra Seamless Ltd. Vs. Padmanabhan Venkatesh & Ors Civil Appeal No. 4242 of 2019 and other appeals)

1. Ins. by Act No. 1 of 2020, sec.4 (w.e.f. 28-12-2019).